Core Insights - Mar Vista U.S. Quality Strategy reported a net-of-fees gain of +0.20% in Q4 2025, underperforming the Russell 1000® Index (+2.41%) and the S&P 500® Index (+2.65%) [1] - The U.S. equity market experienced strong momentum in 2025, marking its second consecutive year of double-digit gains, with a rapid recovery from a bear market dip in April [1] - The market leadership was dominated by Mega-cap stocks and AI-driven companies, leading to a narrowing of market leadership [1] Performance Analysis - Stock selection in the communication services, consumer discretionary, and financials sectors positively impacted performance, while selections in information technology, materials, and healthcare detracted from it [1] - Johnson & Johnson (NYSE: JNJ) was highlighted as one of the strongest-performing holdings, with a one-month return of 0.20% and a 52-week gain of 44.88% [2] - Johnson & Johnson's market capitalization stood at $505.28 billion as of January 12, 2026 [2] Company Insights - Johnson & Johnson's strong Q4 performance was attributed to robust financial results, upward guidance revisions, and growth in its pharmaceutical and medical technology segments [3] - The company is expected to achieve 5-7% revenue growth through 2030, which exceeds consensus estimates [3]

Core Insights - Edwards Lifesciences Corporation (EW) is valued at a market cap of $48.2 billion and specializes in medical technology for serious heart conditions [1] Financial Performance - Analysts expect EW to report a profit of $0.61 per share for fiscal Q4 2025, reflecting a 3.4% increase from $0.59 per share in the same quarter last year [2] - For the current fiscal year ending in December, EW is projected to report a profit of $2.59 per share, up 6.6% from $2.43 per share in fiscal 2024, with further growth expected to $2.90 in fiscal 2026 [3] Stock Performance - EW's stock has gained 13.1% over the past 52 weeks, underperforming the S&P 500 Index's 19.7% return but outperforming the State Street Health Care Select Sector SPDR ETF's 12.7% increase [4] - Following the Q3 results announcement, EW's shares fell by 1.2% in the subsequent trading session despite a 14.7% year-over-year increase in net sales to $1.6 billion [5] Analyst Ratings - Wall Street analysts have a "Moderate Buy" rating on EW, with 18 out of 31 analysts recommending "Strong Buy," 2 suggesting "Moderate Buy," and 11 indicating "Hold" [6] - The mean price target for EW is $96.32, suggesting a 16% potential upside from current levels [6]

Core Insights - Diagnos Inc. is advancing its AI platform CARA for early detection of eye-related health issues and is focused on securing regulatory approvals in Canada, the U.S., and Saudi Arabia [1][2][6] Regulatory Pathway - The company is actively working to meet the regulatory standards in three key jurisdictions: Canada, the U.S., and Saudi Arabia [2] - In Saudi Arabia, CARA has been formally submitted for marketing approval to the Saudi Food and Drug Authority (SFDA) [6] - In Canada, the company is engaged with Health Canada to align with medical device regulations and plans to submit a formal application for CARA in the current quarter [6] - In the U.S., after strategic meetings with the FDA, the company has clarified the requirements for obtaining 510(k) clearance, facilitating the path to commercialization [6] Company Overview - Diagnos Inc. is a publicly traded Canadian corporation focused on the early detection of critical eye-related health problems using Artificial Intelligence [3] - The company's goal is to enhance diagnostic accuracy, streamline workflows, and improve patient outcomes globally [3]

Core Insights - Lifeward is positioning itself as a MedTech platform with a clear path to profitability and long-term Biotech potential through a strategic partnership with Oramed Pharmaceuticals [1][2] Investment and Financial Structure - Lifeward will receive up to $47 million in strategic investment from Oramed and another investor, which includes equity, convertible notes, milestone-based funding, and warrant coverage [2][14] - The investment structure aims to support Lifeward's journey to profitability while allowing for selective investments in high-value innovations [2] Technology Acquisition - Lifeward is acquiring Oramed's Protein Oral Delivery (POD™) technology, which targets the $600+ billion injectable drugs market, including the potential for ORMD-0801 to become the first commercialized oral insulin [1][3] - The POD™ technology is designed to transform injectable biological therapies into oral medications, addressing a significant market opportunity in diabetes and other metabolic diseases [3][10] Clinical Development and Management - Oramed will manage and fund the clinical development of the POD™ technology, allowing Lifeward to focus on profitability and cash generation while retaining exposure to biotech opportunities [4][8] - The POD™ technology has shown promise in clinical trials, with the lead drug candidate ORMD-0801 achieving significant results in reducing HbA1c levels [12] Strategic Goals and Diversification - The partnership with Oramed marks the beginning of Lifeward's broader diversification strategy across medical technology and biotechnology [5] - Lifeward aims to achieve sustainable profitability from existing FDA-approved products while building a balanced biomedical portfolio that combines near-term revenue with long-term biotech innovation [6][7]

Core Viewpoint - Zimmer Biomet Holdings, Inc. is facing challenges with sales growth and operational expenses, leading to a cautious outlook despite expected earnings growth in the upcoming quarters [5][6]. Financial Performance - The company is expected to report an adjusted EPS of $2.38 for fiscal Q4 2025, reflecting a 3% increase from $2.31 in the same quarter last year [2]. - For fiscal 2025, analysts predict an adjusted EPS of $8.16, a 2% rise from $8 in fiscal 2024, with further growth projected to $8.41 in fiscal 2026, representing a 3.1% year-over-year improvement [3]. Stock Performance - Zimmer Biomet's shares have declined by 12.5% over the past 52 weeks, underperforming the S&P 500 Index, which increased by 19.7%, and the Health Care Select Sector SPDR Fund, which rose by 12.7% during the same period [4]. - The stock's underperformance is attributed to disappointing sales growth, lowered guidance, competitive pressures, and operational challenges [5]. Analyst Sentiment - The consensus rating for Zimmer Biomet stock is a "Hold," with 26 analysts covering the stock: six recommend a "Strong Buy," one a "Moderate Buy," 16 a "Hold," and three a "Strong Sell" [6]. - The average analyst price target for Zimmer Biomet is $102.73, indicating a potential upside of 12.3% from current levels [6].

Core Viewpoint - Terumo, a Japanese medtech company, emphasizes the importance of quality in medical devices, particularly in vascular access, highlighting its guidewire as a gold standard in the industry [2][3][4]. Group 1: Company Overview - Terumo is represented by CEO Hikaru Samejima at the JPMorgan Healthcare Conference, marking a significant opportunity for the company to present its vision and innovations [2]. - The company has a long-standing history, with its guidewire being used in the largest number of procedures over the past 40 years, underscoring its reliability and impact on patient recovery [3]. Group 2: Product Significance - The guidewire, while appearing as a simple product, plays a crucial role in medical procedures, significantly influencing patient outcomes [3]. - Terumo's commitment to quality ensures that its medical devices are reliable and effective in daily medical settings, which is essential for patient safety [4].

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Terumo Company Conference Call Summary Company Overview - **Company**: Terumo Corporation - **Industry**: Medical Technology (MedTech) - **CEO**: Hikaru Samejima - **Sales**: $7 billion globally with three main business segments: - Cardiac and Vascular - Terumo Medical Care Solutions (TMCS) - Terumo Blood and Cell Technologies (TBCT) [3][4] Key Points and Arguments Business Segments and Growth - **Cardiac and Vascular**: - Revenue from vascular access-related products exceeds 70% [7] - Focus on transforming commoditized devices into high-value offerings [7] - Strong growth in vascular intervention market due to technology advancements [7][8] - **Terumo Medical Care Solutions (TMCS)**: - Emphasis on CDMO (Contract Development and Manufacturing Organization) business, which provides drug administration devices [10] - Aiming for $1 billion in sales by the 2030s, with significant growth potential in self-administered drugs [11][12] - **Terumo Blood and Cell Technologies (TBCT)**: - Focus on plasma collection systems, with rapid growth in the U.S. market [12] - Partnership with CSL for plasma collection centers, expecting continued revenue growth [12][13] Financial Performance and Projections - **Profitability**: - Significant AOP (Adjusted Operating Profit) margin expansion over the last three years, targeting 20% margin for FY 2026 [5][6] - FY 2025 projected revenue growth of 8% and operating profit growth of 24% [5][6] - **Acquisitions**: - Successful track record in M&A, with a disciplined approach focusing on technological excellence, competitive advantage, synergy, financial profile, and cultural fit [13][14] - Recent acquisition of OrganOx, which is expected to maintain high double-digit growth due to its breakthrough technology in organ transplantation [23][24] Market Position and Strategy - **Innovation and R&D**: - Commitment to developing category-leading products and solutions for medical challenges [6][9] - Focus on maintaining robust sales growth and margin expansion through innovation and strategic acquisitions [17][18] - **Regional Strategy**: - U.S. market remains strategically important, with plans to reinforce therapeutic business [33] - Targeting growth in emerging markets like China and India due to increasing medical access [34] Challenges and Risks - **Market Competition**: - Acknowledgment of competitive pressures in the U.S. medtech market [33] - Ongoing evaluation of business performance to identify non-performing segments for potential divestment [20] - **Regulatory Environment**: - Awareness of potential impacts from changes in healthcare policies, such as ACA-enhanced subsidy loss [35] Additional Important Insights - **OrganOx Technology**: - NMP (Normothermic Machine Perfusion) technology is expected to unlock bottlenecks in organ supply, significantly reducing the discard rate of livers [27] - Plans to expand into kidney transplantation by 2030 [30] - **CDMO Market Potential**: - The CDMO market is highly attractive, with a focus on innovative device development and manufacturing capabilities [11][39] - **Long-term Vision**: - Terumo aims to become a global top-tier medtech leader, driven by innovation and a commitment to patient care [17][18]

Core Viewpoint - Baxter is undergoing a leadership transition with Andrew Hider as the new CEO, emphasizing continuous improvement and operational excellence as key components of the company's strategy [2][3]. Company Overview - Baxter is recognized as an iconic brand in the medical technology sector, aiming to deliver high value to its customers [3]. - The company has significant opportunities for improvement and growth in various areas [3]. Leadership Background - Andrew Hider has a diverse background in the industry, having worked at General Electric and Danaher Corporation, where he managed multiple companies across different sectors [2]. - Hider has been with Baxter for five months and is focused on leveraging his experience to enhance the company's operations [2].

J.P. Morgan Healthcare Conference 2026 Hikaru Samejima Chief Executive Officer Terumo Corporation Jan. 12, 2026 Forward-Looking Statements and Use of Document Among the information that Terumo discloses, the forward-looking statements including financial projections are based upon our assumptions using information available to us at the time and are not intended to be guarantees of future events or performance. Accordingly, it should be noted that actual results may differ from those forecasts or projection ...